Advertisers must figure out their post-coronavirus online strategies 'in a hurry,' analysts say
CEO Joshua Silverman's comments were also highlighted by Levine. Silverman suggested the pandemic would mean more people turned to online retail permanently during the company's first-quarter earnings call last week. "This is a moment when a lot of people are suddenly turning online and discovering that it's really convenient and it works really well for them and I think that that could create some very lasting behavior changes.
Direct-to-consumer brands, those that sell to people through their own channels rather than via third-party retailers, have especially taken advantage of cheaper online media buys, Levine said. As well as paying lower effective costs per mille , they are getting higher returns on ad spend, according to Pivotal. Ad agencies that work with DTC clients told Pivotal they had been spending record amounts on online advertising at prices down 30% to 40% post the coronavirus outbreak, versus pre-pandemic.
When Pivotal surveyed ad agencies in terms of how their retail clients had reacted to the outbreak of the virus, only 4% said they had kept the majority of ads running, when asked in March. In April, that figure had reached 15%. And those surveyed had mixed feelings about their retail clients' ad spend for the summer and fall seasons.
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